HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY …• The Board of County Commissioners reappointed Casey Cane for a four-year term. • At its December 11 meeting , the BCC approved

HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY

Board Meeting – February 6, 2019 – 3:00 pm 315 Court St., 4th Floor, Clerks Large Conference Room

Clearwater, FL 33756

AGENDA

1. CALL TO ORDER Pledge of Allegiance and Moment of Reflection Introductions

2. PUBLIC COMMENTS 3. APPROVAL OF MINUTES

A. January minutes 4. TREASURER’S REPORTS

A. December 2018 1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

5. COMMUNICATIONS TO THE AUTHORITY

A. Tampa Bay CDC usage report - $100,000 loan B. Clearwater Neighborhood Housing Services usage report - $60,000 loan

6. REPORTS BY STAFF

A. HFA Operations, Special Projects and Multi-Family Update – Kathryn Driver 1. Occupancy Report (December will be available next month)

B. Single Family Update – Karmen Lemberg 7. NEW BUSINESS

A. Transfer of Property in Lealman Heights to Pinellas County 1. Memo 2. Direction Letter from Pinellas County

(Action Item – Kathryn Driver) B. CSG Investment Review - David Jones C. BCT Mediation Agreement – Mike Cronin

8. ADJOURNMENT

Upcoming… Next Meeting March 6, 2019 – 315 Court St., 4th Floor, Clerks Large Conference Room

NALHFA Educational Conference – May 15-19, 2019 – Denver, CO

Persons are advised that, if they decide to appeal any decision made at this meeting/hearing, they will need a record of the proceedings, and, for such purposes, they may need to ensure that a verbatim record of the proceedings is made, which includes testimony and evidence upon which the appeal is to be based.

Clearwater, Florida, January 8, 2019

The Housing Finance Authority (HFA) Board of Pinellas County (as created by the Code of Ordinances of Pinellas County, Section 2-386) met in regular session in the Clerk’s Fourth Floor Conference Room, Pinellas County Courthouse, 315 Court Street, Clearwater, Florida, at 3:00 P.M. on this date with the following members present:

Casey Cane, Chairman Robyn Fiel, Vice-Chairman Steven Beal, Assistant Secretary/Treasurer Dennis Long, Assistant Secretary

Not Present Norris E. Counts, Secretary/Treasurer

Also Present Kathryn Driver, Executive Director, HFA Karmen Lemberg, Director of Homeownership Programs and Operations Michael T. Cronin, Attorney, Johnson, Pope, Bokor, Ruppel & Burns, PA Debbie Berner, RBC Capital Markets Sue Denihen, eHousing Plus Tim Wranovix, Raymond James Other Interested Individuals Teresa Adkins, Board Reporter

AGENDA

1. CALL TO ORDER

Pledge of Allegiance and Moment of Reflection Introductions

2. PUBLIC COMMENTS

3. APPROVAL OF MINUTES

A. December 2018 Minutes B. November 2018 Minutes

4. TREASURER’S REPORTS

A. November 2018 1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

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January 8, 2019

5. COMMUNICATIONS TO THE AUTHORITY A. Tampa Bay CDC Usage Report – $100,000 loan B. Clearwater Neighborhood Housing Services Usage Report – $60,000 loan

6. REPORTS BY STAFF

A. HFA Operations and Special Projects and Multi-Family Update – Kathryn Driver 1. Occupancy Report – November 2018 2. Occupancy Report – October 2018

B. Single Family Update – Karmen Lemberg

7. NEW BUSINESS A. Appoint and Ratify Officers

1. Resolution (Action Item – Kathryn Driver)

B. Norstar Request (Action Item – Kathryn Driver)

C. RFP Lealman Heights Administration Building (Action Item – Kathryn Driver)

D. TBCDC/CNHS Promissory Note Extensions (Action Item – Kathryn Driver)

E. BCT Mediation Agreement 1. Resolution (Action Item – Michael Cronin)

8. ADJOURNMENT

CALL TO ORDER Chairman Cane called the meeting to order at 3:00 P.M. and led the Pledge of Allegiance; whereupon, he asked for a moment of silence and reflection. At his request, those in attendance introduced themselves. A sign-in sheet and agenda packet have been filed and made a part of the record. PUBLIC COMMENTS No one appeared in response to the Chairman’s call for citizens wishing to be heard. MINUTES OF THE DECEMBER 5 AND NOVEMBER 7, 2018 HFA MEETINGS – APPROVED Upon presentation by Chairman Cane, Ms. Fiel moved, seconded by Mr. Beal and carried unanimously, that the minutes of the December 5, 2018 HFA meeting be approved.

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January 8, 2019

Upon presentation by Chairman Cane, Mr. Beal moved, seconded by Ms. Fiel and carried unanimously, that the minutes of the November 7, 2018 HFA meeting be approved. TREASURER’S REPORTS – APPROVED General Fund – November 2018 Mr. Beal presented the HFA General Fund financial statements for the month of November 2018; whereupon, he reviewed the November Cash Roll Report and moved, seconded by Ms. Fiel and carried unanimously, that the financial statements be approved. Housing Trust Fund – November 2018 Mr. Beal presented the HFA Housing Trust Fund financial statements for the month of November 2018; whereupon, he reviewed the November Cash Roll Report and moved, seconded by Mr. Long and carried unanimously, that the financial statements be approved. Ms. Driver provided clarification regarding a transfer of Housing Trust Fund dollars to the Florida CLASS Investment Pools, relating that because those dollars should have been wired from the General Fund, they were returned to the Housing Trust Fund in December. Responding to query by Mr. Long, Ms. Driver explained that Housing Trust Fund dollars are in an account at Regions Bank to keep them segregated from the General Fund; that the funds are liquid and accessible; and that she will consult with the HFA’s financial advisor regarding the prospect of obtaining a higher yield on some of the funds. Land Assembly Fund – November 2018 Mr. Beal presented the Land Assembly Fund financial statements for the month of November 2018; whereupon, he reviewed the November Cash Roll Report and moved, seconded by Ms. Fiel and carried unanimously, that the financial statements be approved. COMMUNICATIONS TO THE AUTHORITY Tampa Bay Community Development Corporation (CDC) Usage Report – $100,000 Ms. Driver indicated that a monthly report detailing usage of the $100,000 loan with the Tampa Bay CDC is included in the agenda packet.

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January 8, 2019

Clearwater Neighborhood Housing Services (CNHS) Usage Report – $60,000 Ms. Driver indicated that a monthly report detailing usage of the $60,000 loan with CNHS is included in the agenda packet. Ms. Driver provided further information regarding the two loans, relating that additional discussion would occur under Agenda Item 7D, TBCDC/CNHS Promissory Note Extensions. REPORTS BY STAFF HFA Operations, Special Projects, and Multi-Family Update Ms. Driver extended birthday wishes to Mr. Beal; whereupon, she reported on the following activities: • The Oceanside Estates transaction closed on December 12, 2018. • She met with Commissioner Charlie Justice on December 10 regarding redevelopment

opportunities in Lealman Heights. • The Board of County Commissioners reappointed Casey Cane for a four-year term. • At its December 11 meeting, the BCC approved TEFRA items for the issuance of single family

bonds, as well as bonds for the Lutheran Apartments multi-family project. • Seven of the McLaughlin Project homes have been rehabilitated and are nearly ready to be

occupied; Tampa Bay Community Development Corporation is continuing to work on a plan to complete the final four homes. As of January 1, the property manager is Contemporary Housing Alternatives of Florida (CHAD).

• The County and the HFA are continuing conversations with the City of Dunedin regarding the

Winter property on Skinner Boulevard for a potential affordable housing project in the urban core of the City.

• The draft audit report was submitted ahead of schedule to Chief Deputy Director of Finance

Claretha Harris in the Clerk of the Circuit Court and Comptroller’s Office. • The new server has been installed and IGTech is working to resolve various issues.

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January 8, 2019

• Angela Crist, Director of the Florida Institute of Government at the University of Southern Florida will be presenting changes to the Certificate in Community Real Estate Development (CRED) program at next month’s meeting.

• She will be meeting with Steven Williams, Johnson, Pope, Bokor, Ruppel & Burns, PA and

Rob Gerdes, Neighborhood Affairs Director, City of St. Petersburg, regarding the HFA administering St. Petersburg’s Penny for Pinellas funds beginning in 2020.

• The National Association of Local Housing Finance Agencies conference will take place in

Denver in May; members planning to attend should contact Ms. Lemberg regarding travel plans.

• Later in the month she will be attending the Florida Association of Local Housing Finance

Authorities Board Retreat in St. Petersburg. • The property management agreement between the Housing Authority and the Housing Finance

Authority regarding Lealman Heights, which was slated to expire at the end of February, has been extended for one year.

• Neighborhood Lending Partners is scheduled for a site visit in a couple of weeks to review

NSP2 funds. • Mr. Counts’ term expires on February 1, and the County is advertising for that vacancy; he

will continue to serve until his replacement has been appointed. Ms. Driver reminded everyone that the HFA has an open-door policy and invited the members to stop by any time to visit, ask questions, or review documentation. Single Family Update Ms. Lemberg indicated that the continuous lending program had a successful first month, doing over $900,000; whereupon, during discussion and in response to query by Mr. Beal, she reported that her office had applied to Federal Home Loan Bank of Atlanta for matching funds for the Community Heroes program; that four approved lenders are ready to participate; and that the likelihood of the application being accepted is high, and Chairman Cane provided input.

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January 8, 2019

NEW BUSINESS Board Appointment and Ratification of Officers RESOLUTION NO. 2019-01 ADOPTED RATIFYING AND APPROVING THE APPOINTMENT OF OFFICERS OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY Upon presentation by Ms. Driver, Mr. Long moved, seconded by Ms. Fiel, that Resolution No. 2019-01 be adopted ratifying and approving the appointment of the following slate of officers: Casey Cane, Chairman Robyn Fiel, Vice-Chairman Steven Beal, Assistant Secretary/Treasurer Dennis Long, Assistant Secretary Norris E. Counts, Assistant Treasurer Staff Designated as Officers: Kathryn Driver, Executive Director, Assistant Secretary Karmen Lemberg, Director of Homeownership Programs and Operations, Assistant Secretary Upon the Chairman’s call for the vote, the motion carried unanimously. Norstar Request Ms. Driver provided information regarding the proposed Jordan Park project and related that Brian Evjen with Norstar Development has requested that their application fee in the amount of $23,500 be returned. She noted that while the multi-family application requires the fee and states that it is nonrefundable, it is her recommendation that the funds be returned. Responding to queries by Messrs. Beal and Long, Ms. Driver related that no time was expended on the application; that there were no out-of-pocket expenses; and that only one other organization has had its application fee reimbursed; whereupon, Mr. Long moved, seconded by Mr. Beal and carried unanimously, that staff’s recommendation be approved. RFP Lealman Heights Administration Building Ms. Driver indicated that at the behest of Pinellas County, her office has agreed to facilitate a Request for Proposal to lease office space at the Lealman Heights Administration Building. She related that the successful bidder(s) will enter into a tri-party lease with Pinellas County and the Authority; that the Authority’s only responsibility will be to issue the RFP; and that Real Estate

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January 8, 2019

Management will be responsible for the day-to-day management of the property. She indicated that she has not seen the tri-party agreement; and that a draft of the RFP is included in the members’ packets; whereupon, Chairman Cane recommended that the item be tabled until the agreement has been reviewed, and discussion ensued. In response to queries by Mr. Long, Ms. Driver agreed to research matters regarding where lease payments will be deposited, whether the HFA is covered via the County’s Risk Management self-insurance fund for liability claims, and whether the County Attorney will defend the HFA if lease disputes should arise; whereupon, Attorney Cronin suggested that if the HFA plans to move forward, it obtain a letter of direction from the County to do so. In response to comments and queries by Chairman Cane, Ms. Driver agreed to research whether the HFA will be compensated for being named as a party to the lease, and Mr. Long provided input. Following discussion, Mr. Long moved, seconded by Mr. Beal and carried unanimously, that the item be tabled. TBCDC/CNHS Promissory Note Extensions Ms. Driver reiterated that TBCDC has paid down half of its loan and has a current outstanding balance of $100,000. She proposed to extend the note by one year because of its partnerships with other participating jurisdictions; and noted that the HFA will continue to monitor the activity and use of funds. Ms. Driver indicated that due to extenuating circumstance, she has not received the requested business plan of CNHS; that she is requesting an extension of three months to review the plan; and that the outstanding note is $60,000. Thereupon, Mr. Long moved, seconded by Ms. Fiel and carried unanimously that the Authority approve a one-year extension to the outstanding promissory note with TBCDC in the amount of $100,000; and that it approve a three-month extension to the outstanding promissory note with CNHS in the amount of $60,000. BCT Mediation Agreement RESOLUTION NO. 2019-02 AUTHORIZING AND APPROVING A MEDIATION SETTLEMENT AGREEMENT WITH BRIGHT COMMUNITY TRUST, INC.; AUTHORIZING ANCILLARY ACTIONS AS SET FORTH IN THE AGREEMENT; DELEGATING THE AUTHORITY TO IMPLEMENT THE ACTIONS; AUTHORIZING ADDITIONAL REQUIRED ACTIONS; AND PROVIDING AN EFFECTIVE DATE

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January 8, 2019

Attorney Cronin indicated that the proposed resolution and settlement documents are the result of extensive discussion and negotiation; whereupon, he reviewed the terms of the proposed settlement. He related that Bright Community Trust (BCT) had agreed to most of the changes requested by the HFA; that negotiations primarily focused on the Compliance Monitoring Agreement for Townhomes at Creek Park; and that the remaining issue pertains to distribution of NSP2 sale proceeds; whereupon, he opined that it is in the HFA’s best interest to resolve the matter, suggesting that the members could approve the agreement today, subject to BCT’s approval and execution by January 11, or they could defer the matter to the February meeting. The members voiced their concerns regarding the HFA’s right to receive 49 percent of the proceeds from the sale of townhomes and the possibility of having to litigate the matter in the future, and discussion ensued regarding how to proceed. Mr. Long moved, seconded by Mr. Beal, that Resolution No. 2019-02 be adopted approving the settlement agreement subject to it being approved and executed by BCT by the end of the business day on January 11 and all other documents being executed and the settlement completed by January 25, 2019. Upon a roll call vote, the motion carried 3 to 1, with Chairman Cane casting the dissenting vote. Mr. Long moved that after approval by BCT, the Chairman and staff be granted authority to execute the documents, and following brief discussion with input by Attorney Cronin, he withdrew the motion. ADJOURNMENT Upon motion by Ms. Fiel, seconded by Mr. Beal and carried unanimously, the meeting was adjourned at 4:07 P.M.

Secretary/Treasurer

8

Balance Beginning of Month 1,901,637.07$

Disbursements:

A Top Dog Property Services, Inc. (1,150.00)

ADP (303.42)

Barbara Clark & Co, PA (10,690.00)

FRS (3,137.91)

Housing Trust Fund (1,000,000.00)

IGTECH365, LLC (5,851.96)

ImageNet Consulting of Vero Beach LLC (481.80)

Johnson, Pope, Bokor, Ruppel & Burns LLP (7,832.00)

Land Assembly Fund- Oceanside Estates (1,654,038.00)

Neighborhood Lending Partners (12,539.34)

Payroll (31,624.11)

Pinellas County BOCC (2,698.26)

Plymouth Plaza (2,666.01)

Polk County HFA c/o D. Alexander, Peterson & Myers (7,000.00)

Spectrum Business (263.28)

Staples Advantage (33.48)

The Nichols Group, PA (19,800.00)

The Suncoast News (275.00)

Total Cash Out (2,760,384.57)

2005A Refunding 377.08

2005B Refunding 190.44

2006A Refunding 229.87

2006B Refunding 17.86

2011A Refunding 7,504.13

Chicago Title Co. of Washington- Oceanside Estates 41,088.00

Pinellas Country BOCC- Oceanside Estates 1,654,038.00

Tampa Bay CDC 100,000.00

Interest Earned 6,960.60

Issuer Fees 41,162.00

Mortgage Payments 25,636.19

Norton Mortgage Payments 2,174.72

Sunrise Mortgage Payments 6,388.68

NSP SF Mortgage Payments 6,674.20

Late Fee Income- Received from US Bank Home Mortgage 1,820.18

Total Cash In 1,894,261.95

Balance End of Month 1,035,514.45$

Bank Accounts

01-101.0021 General Fund 7158 $ 1,035,514.45

Subtotal - Operating 1,035,514.45

01-105.001 Fed Home Loan Bank DIA 2,018,286.83

01-106.001 US Bank Custody Account 5,247,793.09

01-108.001 FLSAFE Investment Account 1,002,345.15

01-109.001 FLCLASS Investment Account 1,002,270.03

Total Bank Accounts 10,306,209.55$

HFA of Pinellas County

Cash Roll

December 2018

General Fund -Cash Roll

Page 1 of 1

TotalASSETS

Current Assets

Bank Accounts

101.021 01-101.0021 General Fund 7158 1,035,514.45

105.001 01-105.001Fed Home Loan Bank DIA 2,018,286.83

106.001 01-106.001 US Bank Custody Account 5,247,793.09

108.001 01-108.001 FLSAFE Investment Account 1,002,345.15

109.001 01-109.001 FLCLASS Investment Account 1,002,270.03

Total Bank Accounts $ 10,306,209.55

Accounts Receivable

115.000 Accounts Receivable 1,120,539.95

Total Accounts Receivable $ 1,120,539.95

Other Current Assets

01-131.003 NSP I Rec 70.57

01-131.004 NSP II Rec 24,263.95

111.001 01-111.001FHLB Pledged Investments 3,791,410.54

Total Other Current Assets $ 3,815,745.06

Total Current Assets $ 15,242,494.56

Fixed Assets

01-166.901 Fixed Assets 6,445.33

Total Fixed Assets $ 6,445.33

Other Assets

01-128-901 2nd Mortgage Port 4,695,775.66

01-128.902 MF Mort Portfolio 2,282,349.30

01-128.903 TBCDC Revolving Cred 100,000.00

01-128.903.2 Clearwater Neighborhood Housing Services Revolving Loan Receivable 60,000.00

01-128.905 Notes & Mortg NSP I 437,225.66

01-128.906 Notes & Mortg NSP II 1,699,945.43

01-128.907 Notes & Mortg NSP 3 93,319.73

01-129.001 Temporary holding account (200.24)

01-134.001 Non Depreciable Asset 2,109.83

01-155.001 Long-term Prepaid Exp 2,500.00

01-156.903 GSE Program Multi-Co 1,229,160.15

01-170.000 Deferred Outflows 213,613.00

Total Other Assets $ 10,815,798.52 TOTAL ASSETS $ 26,064,738.41

HFA of Pinellas CountyBalance Sheet

As of December 31, 2018

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable

01-202.001 Accounts Pay - Other 3,602.02

01-202.002 Accounts Payable (1,023.04)

Total Accounts Payable $ 2,578.98

Credit Cards

01-202. 005 Regions Commercial Bankcard 337.98

Total Credit Cards $ 337.98

Other Current Liabilities

Due to LAF 747.99

01-202.006 Salaries and Fringes Payable 3,542.57

01-203 .200 Capital Lease-Current Portion 2,615.81

Total Other Current Liabilities $ 6,906.37

Total Current Liabilities $ 9,823.33

Long-Term Liabilities

01-206 .001 Capital Lease Payable 3,898.74

01-208.009 NSP I Oblig Pinel Co 94,237.90

01-208.13 Oblig NSP II NLP 3,709,481.34

01-210.001 Payments (after SunTrust) 148.00

01-210.002 Deferred Revenue Mortgage Rec. 1,489,217.27

01-270.000 Deferred Inflows 15,011.00

01-280.000 Net Pension Liability 300,418.00

Total Long-Term Liabilities $ 5,612,412.25

Total Liabilities $ 5,622,235.58

Equity

3000 01-250.001 Opening Bal Equity 1,911,007.47

3900 01-272.001 Retained Earnings 18,401,316.08

Net Income 130,179.28

Total Equity $ 20,442,502.83 TOTAL LIABILITIES AND EQUITY $ 26,064,738.41

Monday, Jan 14, 2019 11:47:23 AM GMT-8 - Accrual Basis

Dec 2018Oct - Dec, 2018

(YTD)Income

01-344.003 NSP II Grant Inc

Maintenance 1,100.00 13,666.54

Total 01-344.003 NSP II Grant Inc $ 1,100.00 $ 13,666.54

01-345.100 Single Family Issuer Fees 20,333.16 61,494.79

01-345.103 Extension Fees 1,820.18 7,515.84

01-345.200 TBA Income 20,828.84 119,353.62

01-345.700 Fee Income- Special Programs

Lutheran Towers 39,000.00

Oceanside Estates 20,184.65 20,184.65

Total 01-345.700 Fee Income- Special Programs $ 20,184.65 $ 59,184.65

01-345.803 Gain on Sale of FHLB Securities 5,157.05 15,367.59

01-345.900 Interest Income 35,498.47 105,894.72

Amortizing Home Key Loans 2,791.79 8,217.79

Clearwater Neighborhood Housing Services, Inc. 101.92

FHFC13 DPA Loans 27.24 81.88

FLSAFE and FLCLASS 4,225.17 4,615.18

TBCDC Revolving Cred 1,008.33

Total 01-345.900 Interest Income $ 42,542.67 $ 119,919.82

01-361.101 Bank Interest 4,141.57 13,237.87

01-361.134 Bond/Refunding proceeds revenue 33,167.82

Total Income $ 116,108.12 $ 442,908.54

Gross Profit $ 116,108.12 $ 442,908.54

Expenses

01-554. 01-554.0241 NSP III Non Reimb Exp 77.32 678.78

01-554.001Advertising (Legal) 662.75

01-554.002 Audit 19,800.00 19,800.00

01-554.004 Memberships 3,375.00

01-554.005 Contract Services

00503 Network Services 6,730.96 8,756.80

554.00501 Contract Other 10,892.28 21,986.84

Total 01-554.005 Contract Services $ 17,623.24 $ 30,743.64

01-554.006 Depreciation 214.84 644.52

01-554.011 Lease -Building

01-554 .01101 Common Area Maintenance 79.00 237.00

Lease - HFA 2,587.01 7,761.03

Total 01-554.011 Lease -Building $ 2,666.01 $ 7,998.03

01-554.012 Office Supplies

554.01201 Office Supplies 231.90 415.40

Total

HFA of Pinellas CountyProfit and Loss

December 2018

554.01202 Postage 90.49 212.31

554.01203 Printing 26.14 38.38

Total 01-554.012 Office Supplies $ 348.53 $ 666.09

01-554.013 Prof Sv - Consult

554.01301 Legal-HFA (12,755.50) 46,947.50

554.01302 Prof Sv - Consult 13,445.05

Total 01-554.013 Prof Sv - Consult $ (12,755.50) $ 60,392.55

01-554.014 Promotional Expense 550.00 825.00

01-554.016 Salaries and Fringes

.016.002 Salaries Expense 31,461.62 87,347.10

.016.004 Payroll Tax Expense 1,106.33 3,106.24

.016.006 Pension Expense 2,598.73 7,214.94

.016.008 Insurance Expense 1,061.84 3,185.52

Total 01-554.016 Salaries and Fringes $ 36,228.52 $ 100,853.80

01-554.017 Telephone 135.49 615.27

01-554.018 Travel/Training 276.41 3,284.42

01-554.021 Grants to Organizat

Ready for Life, Inc. 3,338.83 22,249.46

Sadowsky Education Efforts 15,000.00

Total 01-554.021 Grants to Organizat $ 3,338.83 $ 37,249.46

01-554.027 NSP II Prog Exp

Maintenance 1,100.00 13,666.54

Total 01-554.027 NSP II Prog Exp $ 1,100.00 $ 13,666.54

01-591.001 Bank Fees 271.30 5,050.33

01-591.002 Misc Expenses 1,319.27 1,324.27

Late Fees and Interest-Misc. 3.48

Total 01-591.002 Misc Expenses $ 1,319.27 $ 1,327.75

01-594. 001 Capital Lease Interest Expense 1.77 5.31

Total Expenses $ 71,196.03 $ 287,839.24

Net Operating Income $ 44,912.09 $ 155,069.30

Other Income

01-395.001 Unrealized Market Gain - FHLB Securities 21,210.00 (24,890.02)

Total Other Income $ 21,210.00 $ (24,890.02)

Net Other Income $ 21,210.00 $ (24,890.02)Net Income $ 66,122.09 $ 130,179.28

Monday, Jan 14, 2019 11:47:37 AM GMT-8 - Accrual Basis

Beginning Balance Operating 362,836.77$

Disbursements:-

Total Cash Out -

Deposits:

HFA General Fund 1,000,000.00 Pinellas Co Housing Authority (Redwood) 1,298.36

Total Cash In 1,001,298.36$

Ending Balance Operating 1,364,135.13$

Housing Finance Authority of Pinellas County Trust FundTrust Fund - Cash Roll

December 2018

Trust Fund - Cash1 of 1

TotalASSETS

Current Assets

Bank Accounts

10-101.001 Regions Bank 66356 1,364,135.13

Total Bank Accounts $ 1,364,135.13

Accounts Receivable

115.003 DPA Loans 312,996.03

Total Accounts Receivable $ 312,996.03

Total Current Assets $ 1,677,131.16

Other Assets

10-137.000 Due from Lealman Properties Operating Funds Account 138,994.00

10-138.000 Advances to Lealman Trustee Trust Account 403,032.66

10-139.000 TBCDC and CSF Loan Receivable- McLaughlin Project 500,000.00

10-140.001 Second Mortgages Receivable-DPA 1,823,828.00

10-145.000 Second Mortgages Receivable-MF 276,702.38

Total Other Assets $ 3,142,557.04 TOTAL ASSETS $ 4,819,688.20


Liabilities

Current Liabilities


10-208.000 Trust Fund Dist. 1.00

Total Other Current Liabilities $ 1.00

Total Current Liabilities $ 1.00

Long-Term Liabilities

10-209.000 Due to Other Gov. 1,000,000.00

Total Long-Term Liabilities $ 1,000,000.00

Total Liabilities $ 1,000,001.00

Equity

10-250.001 Opening Bal Equity (4,999.31)

Retained Earnings 3,822,932.72

Net Income 1,753.79


Thursday, Jan 03, 2019 10:09:46 AM GMT-8 - Accrual Basis

Housing Finance Authority of Pinellas County Trust FundBalance Sheet


Dec 2018Oct - Dec, 2018

(YTD)Income

10-345.104 Program Income

361.006 Redwood Apts 690.58 2,076.29

Total 10-345.104 Program Income $ 690.58 $ 2,076.29

Total Income $ 690.58 $ 2,076.29

Gross Profit $ 690.58 $ 2,076.29

Expenses

10-554.006 Admin Expenses

Non Billed Admin Expenses

Office Supplies 322.50

Total Non Billed Admin Expenses $ - $ 322.50

Total 10-554.006 Admin Expenses $ - $ 322.50

Total Expenses $ - $ 322.50

Net Operating Income $ 690.58 $ 1,753.79 Net Income $ 690.58 $ 1,753.79

Total


Housing Finance Authority of Pinellas County Trust FundProfit and Loss

December 2018

Beginning Balance Operating 30,318.34$

Disbursements:

Bank Fees (26.30)

Chicago Title Company of Washington (1,654,038.00)

Total Cash Out (1,654,064.30)

Deposits:

HFA General Fund 1,654,038.00

Total Cash In 1,654,038.00

Ending Balance Operating 30,292.04$

20-101 Regions Bank 20811 30,292.04

Ending Balance Operating $ 30,292.04

Cash RollDecember 2018

Housing Finance Authority of Pinellas County Land Assembly Fund

Trust Fund - Cash1 of 1

TotalASSETS

Current Assets

Bank Accounts

20-101 Regions Land Assembly-20811 30,292.04

Total Bank Accounts $ 30,292.04

Other Current Assets

20-133 Due from HFA of Pinellas County-GF 747.99

Total Other Current Assets $ 747.99

Total Current Assets $ 31,040.03

Fixed Assets

20-150 Capital Assets-Land Trust-Garden Trail 1,023,003.00

20-151 Capital Assets-Land Trust-Delmar Terrace South 1,104,186.01

20-152 Capital Assets-Land Trust-Lealman 4,826,321.92

20-153 Capital Assets-Land Trust-McLaughlin Project 465,900.00

20-154 Capital Assets-Land Trust-Palms of Pinellas 937,796.96

20-155 Capital Assets-Land Trust-Woodlawn Trail 1,060,634.75

20-156 Capital Assets-Land Trust-3920 57th Ave N 99,437.82

20-157 Capital Assets-Land Trust-Greenway Lofts 703,312.64


20-159 Capital Assets-Land Trust-Oceanside Estates 1,654,038.00


20-162 Capital Assets-Land Trust-Clam Bayou 34th Ave. S. 272,222.00


20-166 Capital Assets-Land Trust-1119 Woodlawn St. 196,474.85


20-170 Accumulated Depreciation -462,045.97

Total Fixed Assets $ 12,218,694.40 TOTAL ASSETS $ 12,249,734.43


Liabilities

Current Liabilities


20-208 Assembly Land Distributions

208.3 Assembly Land Distributions-Due to BOCC 2,138.74

Total 20-208 Assembly Land Distributions $ 2,138.74

Total Other Current Liabilities $ 2,138.74

Total Current Liabilities $ 2,138.74

Total Liabilities $ 2,138.74

Equity

20-250 Invested in Capital Assets 12,680,740.37

Opening Balance Equity 0.01

Retained Earnings -396,329.23

Net Revenue -36,815.46



Housing Finance Authority of Pinellas County Land Assembly FundStatement of Financial Position


Dec 2018Oct - Dec, 2018

(YTD)Revenue

Total Revenue

Gross Profit $ 0.00 $ 0.00

Expenditures

20-556 Depreciation Expense 12,271.82 36,815.46

Total Expenditures 12,271.82 36,815.46

Net Operating Revenue (12,271.82) (36,815.46)Net Revenue -$ 12,271.82 -$ 36,815.46

Total


Housing Finance Authority of Pinellas County Land Assembly FundStatement of Activity

December 2018

Pinellas County Housing Finance Authority

Revolving Loan Usage Report

Clearwater Neighborhood Housing Services, Inc

July 01, 2017 thru October 31, 2018

Date

Anticipated Closed PCHFA

Actual Description Pending Type Credit Debit Fund Balance Comments

07/10/17 Funds from PCHFA 60,000.00 60,000.00 Received in operating account

07/31/17 No Loan Activity 60,000.00

08/16/17 No Loan Activity 60,000.00 Transferred to separate account

08/24/17 No Loan Activity 60,000.00

08/24/17 Iskandar, M C SHIP 20,000.00 40,000.00

09/28/17 Green, Joyce C SHIP 10,000.00 30,000.00

09/29/17 Chidinma, T C SHIP 10,000.00 20,000.00

10/04/17 Santamaria, N C SHIP 10,000.00 10,000.00

11/02/17 Funds from PCBOCC 30,000.00 40,000.00


11/16/17 Sager, B C SHIP 10,000.00 40,000.00

11/17/17 Jones, C C SHIP 9,672.00 30,328.00

12/07/17 Paulick, K C SHIP 9,350.00 20,978.00

12/07/14 Funds from PCBOCC SHIP 10,000.00 30,978.00

12/08/17 Comighod, S C SHIP 10,000.00 20,978.00

12/07/17 Sadallah, M C SHIP 10,000.00 10,978.00

12/13/17 Demian, A C SHIP Table Funded $20,000.00 - Paid

12/22/17 Alfred, R C SHIP Table Funded $20,000.00 - Paid




02/22/18 No New Activity 60,000.00

03/12/18 Bass, M C SHIP 20,000.00 - 40,000.00 1st City of Clearwater Loan

04/19/18 No New Activity 40,000.00

05/21/18 20,000.00 60,000.00 Funds received

06/19/18 60,000.00 No activity

07/18/18 60,000.00 No funding activity but several

loans are advancing through the

process

07/26/18 Brinson, N C SHIP 20,000.00 40,000.00 City of Clearwater Loan

08/21/18 No Other Closed

Activity

40,000.00 $40,000 in Pending City of

Clearwater Loans

08/26/18 Faison, C C SHIP 40,000.00 -

09/04/18 Funds from City of Clw 20,000.00 20,000.00

09/20/18 No New Activity 20,000.00

10/17/18 Funds from City of Clw 40,000.00 60,000.00

10/24/18 No New Activity 60,000.00

11/20/18 No New Activity 60,000.00

12/24/18 No New Activity 60,000.00

01/22/19 No New Activity 60,000.00

Memorandum

Housing Finance Authority 26750 US Highway 19 N., Suite 110 Clearwater, FL 33761 Phone: 727.223.6419

TO: Casey Cane, Chairman And Members of the Housing Finance Authority FROM: Karmen Lemberg, Director of Homeownership Programs and Operations SUBJECT: Single Family Program Update DATE: February 6, 2019 Below are the numbers for the continuous lending program 2019A as of January 29, 2019

Stage January # of Loans

December # of Loans

Held at FHLB 0 0 0 0 Pooled $0 0 $0 0 Purchased by Servicer $823,705 5 $0 0 eHP Compliance $95,700 1 $121,754 1 Underwriter Certification $280,840 2 $598,525 4 Reserved $506,839 3 $195,702 1 Total $1,707,084 11 $915,981 6

We fell a little short of target for our pipeline in January, but we are pleased with the progress. Federal Home Loan Bank says we should hear news regarding our submission for the Community Hero’s Program after February 8th. The February No Place Like Home show is about the SunStar FirstCare Ambulance Membership Program.

Memorandum Housing Finance Authority 26750 US Highway 19 N., Suite 110 Clearwater, FL 33761 Phone: 727-223-6418

TO: Casey Cane, Chairman And Members of the Housing Finance Authority FROM: Kathryn Driver, Executive Director SUBJECT: Consideration of the transfer of the properties in the Pinellas County Land Assembly

Trust – Lealman, dated December 4, 2015 to Pinellas County, Florida (the “County”) DATE: February 6, 2019 RECOMMENDATION: Staff recommends that the Housing Finance Authority (Authority) approve execution of a Quitclaim Deed for the properties, transfer of the Property Management Agreement and execution of any other documents that may be necessary to effectuate the transfer of the properties. BACKGROUND: The subject properties were acquired utilizing Affordable Housing Land Assembly Funds as part of the D&D Missionary Homes acquisition in the Lealman CRA in 2016. The County intends to lease the administration building to one or more entities. The County also plans to redevelop the Lealman Heights area at some point in the near future and having possession of the properties will help facilitate that process. The County will continue to work with the HFA as partners on redevelopment efforts in the Lealman CRA. A Direction Letter from the County is also attached for reference.

1725 Windward Concourse, Suite 425

Alpharetta, Georgia 30005

Telephone: (678) 319-1911

Atlanta • Los Angeles • New York • San Francisco Facsimile: (678) 319-1901

E-mail: [email protected]

MEMORANDUM

TO: Kathryn Driver HFA of Pinellas County, Florida

FROM: David Jones CSG Advisors

Teresa Ciccolella CSG Advisors

SUBJECT: Investment Review: Period from April 1, 2018 to September 30, 2018

DATE: November 19, 2018

REF: Compliance with Investment Policy and Performance Measurement

This memo is in reference to the Resolution adopting the Housing Finance Authority of

Pinellas County, Florida’s Investment Policy. As directed in the Resolution, The

Financial Advisor of the Authority shall provide a semi-annual review of the monthly

statements of the funds, investments, and securities of the Authority to determine their

compliance to the Policy and calculate their performance over the period.

The scope of this review includes the following funds for months from April 1, 2018 to

September 30, 2018 including all MBS and investment interest income earned during

the reporting period:

Trust Fund, account:

1) Regions Bank account #0056866356

General Fund, accounts:

1) Regions Bank account #0060077158

2) FHLB Bank Atlanta account #3000800

3) US Bank Custody Account

mailto:[email protected]

*Total income over the period equaled $238,794 which was a 3.10% annualized return of

the average asset balance.

All investments reviewed were deemed acceptable and in accordance with the

Authority’s Investment Policy.

Documents

HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY …• The Board of County Commissioners reappointed Casey Cane for a four-year term. • At its December 11 meeting , the BCC approved